Hi Hope someone out there can help me. My home is about £20,000 in negative equity. I have the dreaded together mortgage with northern rock and have a 22000 loan attached. So if I were to sell I would owe about 44000 to NR. My home is now rented out as I had to move as recently my mum took ill and I wanted to be there for her. I am now renting a 4 bedroom house for me and my kids which is costing me £895 pcm. I am receiving £700 p c m for my home but the mortgage is £1078 pcm. So I am £378 out of pocket every month to keep the mortgage going and it's interest only. I have a good credit rating although I have about £10,000 on credit cards which I am trying to pay off. The problem is this extra spend is killing me, I feel like I'm throwing away money. Does anyone have any solutions out there? Any ideas or advice is appreciated. Is there any help for people with neg equity or any ideas on how to solve this so that I can still get a mortgage again in the future

Hi Hope someone out there can help me. My home is about £20,000 in negative equity. I have the dreaded together mortgage with northern rock and have a 22000 loan attached. So if I were to sell I would owe about 44000 to NR. My home is now rented out as I had to move as recently my mum took ill and I wanted to be there for her. I am now renting a 4 bedroom house for me and my kids which is costing me £895 pcm. I am receiving £700 p c m for my home but the mortgage is £1078 pcm. So I am £378 out of pocket every month to keep the mortgage going and it's interest only. I have a good credit rating although I have about £10,000 on credit cards which I am trying to pay off. The problem is this extra spend is killing me, I feel like I'm throwing away money. Does anyone have any solutions out there? Any ideas or advice is appreciated. Is there any help for people with neg equity or any ideas on how to solve this so that I can still get a mortgage again in the future

Hi Hope someone out there can help me. My home is about £20,000 in negative equity. I have the dreaded together mortgage with northern rock and have a 22000 loan attached. So if I were to sell I would owe about 44000 to NR. My home is now rented out as I had to move as recently my mum took ill and I wanted to be there for her. I am now renting a 4 bedroom house for me and my kids which is costing me £895 pcm. I am receiving £700 p c m for my home but the mortgage is £1078 pcm. So I am £378 out of pocket every month to keep the mortgage going and it's interest only. I have a good credit rating although I have about £10,000 on credit cards which I am trying to pay off. The problem is this extra spend is killing me, I feel like I'm throwing away money. Does anyone have any solutions out there? Any ideas or advice is appreciated. Is there any help for people with neg equity or any ideas on how to solve this so that I can still get a mortgage again in the future.:-?

Dear All I am considering entering into a DAS. If I do, how long will it take for this to complete is it 3 years or as long as it takes to pay back debts? Also, does this affect your ability to obtain a mortgage in the future? Are there any solutions out there that won't affect your ability to gain a mortgage in the future? Thank for help!

I don't mean to be stupid but can you explain why I would do this? I assume that i'm dreaming thinking I can ignore this and it will all go away. Am I being really dumb not dealing with my debt and just waiting for it all to be statute barred? I've moved house and not told any of my creditors and there's no link to my new address.

If I were you and really wanted to keep my home, here's what I would do. I would get sacked and start claiming benefits. If you are unemployed you can get the mortgage interest paid after 13 weeks.

I could be completely wrong on this so check with someone else please. I heard that if you emigrate and don't your bills here they can't do anything about it. If you get someone to send the mail back with a notice "moved to another country" then the finance companies have insurance to cover this. I hardly think they'll be able to trace you in Oz and if you come back 6 years later your debts will all be statute barred but I don't know how you go about getting credit over there as I thought they checked your UK score to open a bank account etc. Good luck. Hope someone else can give more info.

Hi Thank you all for your replies. I've checked my credit file and it shows a default registered in July 08 but nothing since. It looks like they're still adding interest and sent me another default notice with a statement a month ago, which I've ignored as this is the only communication from them apart from phone calls to my mobile which I've also ignored.l

:confused:Hi All Looking for some advice. I phoned Egg last June to advise that I could not repay my loan and set up a payment plan with them. I paid for one month then I stopped. I haven't communicated with them since and they have not even sent me any letters except a statement last month. I was going to CCA them but they're not chasing it. Any advice?

Thanks for the help - what does a Minute of Agreement do?

Hi I would be grateful is someone would be able to help me deal with the following letter from Credit Solutions (chasing debt on barclaycard, originally morgan stanley). Sent them CCA months ago to both barclaycard and CSL and they have ignored my requests. Received this in the post this morning: "NOTICE OF LEGAL PROCEEDINGS The above debt remains outstanding. Failure to pay this debt or contact us within 7 days may result in legal proceedings being issued against you, which could result in one or more of the following: A CCJ YOU PAYING COURT COSTS YOUR POSSESSIONS BEING SEIZED ATTACHMENT OF EARNINGS I work part-time, have young children and have separated from my husband. I have a very low income and can't afford to pay. I already have several defaults on my credit file. How much more serious is a CCJ? Does anyone know what their next step is likely to be given that I doubt they have the paperwork for this account should it go to court. Any advice greatly appreciated. Thanks

Hi I would be grateful is someone would be able to help me deal with the following letter from Credit Solutions (chasing debt on barclaycard, originally morgan stanley). Sent them CCA months ago to both barclaycard and CSL and they have ignored my requests. Received this in the post this morning: "NOTICE OF LEGAL PROCEEDINGS The above debt remains outstanding. Failure to pay this debt or contact us within 7 days may result in legal proceedings being issued against you, which could result in one or more of the following: A CCJ YOU PAYING COURT COSTS YOUR POSSESSIONS BEING SEIZED ATTACHMENT OF EARNINGS I work part-time, have young children and have separated from my husband. I have a very low income and can't afford to pay. I already have several defaults on my credit file. How much more serious is a CCJ? Does anyone know what their next step is likely to be given that I doubt they have the paperwork for this account should it go to court. Any advice greatly appreciated. Thanks

I've recently split from my husband - the financial pressure is just too much. We have a lot of debt and negative equity in our home. I owe 22,500 and my ex owes 12000 on credit cards and loans. I stopped paying most of, mine over the last year and I don't answer phone calls and mainly ignore the threatening letters. I work 3 days per week as a primary school teacher and I get tax credits as I have a 14 month old daughter. My ex pays the mortgage - well it's in his name anyway! I pay everything else. That makes it a struggle to just survive from month to month. I know that eventually I might be taken to court for making no payments but I'm not worrying about as I figure I should just apply for lila br then. I have no assets and a low income. I have cca'd all my creditors and none of them have beeen able to produce my original signed credit agreement. Hopefully they'll all go away and in 6 years my credit file will improve. Anyway, my husband no longer wants the house in his name and wants to sign it over to me. As I don't want to move house in the future this is fine with me as I'm sure I won't have negative equity in the house forever. The negative equity is about £40,000. He says he's happy to keep paying the mortgage but he wants it off his credit file so that he can get another mortgage. My name is on the title deeds but not the mortgage. As I cannot obtain a mortgage due to my position can he do this? The mortgage is with northern rock. Hope this makes sense, any advice would be appreciated.

I think it should be okay as long as she has no savings in her name. Hopefully someone more knowledgable than me should be able to offer you some advice though.